XBRL — eXtensible Business Reporting Language
XBRL (eXtensible Business Reporting Language) is an XML-based computer software language that is developed specifically for the automation of business information requirements, such as the preparation, sharing and analysis of financial reports, statements, and audit schedules. XBRL labels companies' financial and other data with codes from standard lists (taxonomies) so that investors and analysts can more easily locate and analyse desired information. XBRL makes the analysis and exchange of corporate financial information easier and more reliable by allowing data to be extracted and processed automatically by XBRL-aware applications. XBRL is a royalty-free, open specification for software being developed by a non-profit consortium consisting of over 170 leading companies, associations, and government agencies around the world. Anyone interested in applying XBRL to business reporting processes can receive a license from XBRL International. See the XBRL International Organisation Website. Specifically, XBRL defines data-formatting conventions and vocabularies for marking up and describing business report data, such as sales or net assets. Like XML, it is tag based. Descriptions in the form of tags or labels are attached to the various pieces of business data. These tags describe the particular piece of data in terms of an agreed-upon vocabulary. That vocabulary is referred to as an XBRL taxonomy, the specific system of tags. Once an organisation has the appropriate taxonomy, it can enable its reports for XBRL. From there, organisations can more easily use and share data from the reports within the organization and between organizations. XBRL-aware applications can take advantage of the high level of specificity and self-describing nature of the tags to automatically process the information for purposes of reporting and analysis. XBRL is independent of any hardware platform, software operating system, programming language or accounting standard. XBRL International XBRL International is a not-for-profit consortium of approximately 550 companies and agencies worldwide working together to build the XBRL language and promote and support its adoption. The consortium members meet periodically in international conferences, conduct committee work regularly via conference calls, and communicate in email and phone calls throughout the week. Click here to go to the XBRL International Website. IFRS XBRL Taxonomy The IASC Foundation (IASCF) has developed a high quality XBRL 'taxonomy' for IFRSs (in effect, a dictionary of data tags that explains what each tagged element is and how it should be treated under IFRSs) that will be maintained in line with the annual Bound Volume of IFRSs. In November 2002, the XBRL International Steering Committee (ISC) issued the IAS Primary Financial Statements (PFS) Taxonomy as an XBRL Recommendation and also issued the IAS Explanatory Disclosures and Accounting Policies (EDAP) Taxonomy as a Public Working Draft. Both the PFS and EDAP taxonomies are available on the Internet from XBRL International's XBRL Resource Center. The PFS Taxonomy includes XBRL representations of a classified balance sheet, an income statement, a statement of changes in equity, and a cash flow statement. The PFS Taxonomy encompasses the core financial statements that private sector and certain public sector entities typically report in annual, semi-annual, or quarterly financial disclosures as required by IAS 1.7 and IAS 34.8. Significant accounting policies and other explanatory notes are modelled in a separate XBRL taxonomy, the Explanatory Disclosures and Accounting Policies (EDAP) taxonomy, which has been released as a public working draft. Click to go to IFRS Taxonomy Click to go to US Financial Reporting Taxonomy Link to XBRL Educational Resource Centre at Bryant University. IASC Foundation XBRL Activities The IASB has created a Separate Section of its Website – www.iasb.org/xbrl that focuses on matters relating to XBRL. On that site you will find IFRS-related XBRL news, links to various taxomonies, extensions, translations, educational materials, and upcoming events, among other information. XBRL Planet The XBRL International staff keep track of who is adopting XBRL, and how, country by country and agency by agency. The initiative is called XBRL Planet http://www.xbrlplanet.org/.
Related Information
September 2004: SEC proposes voluntary XBRL filings As part of its initiative to assess the benefits of tagged data and its potential for improving the timeliness, accuracy, and analysis of financial disclosures by public companies, the US Securities and Exchange Commission has proposed to establish a voluntary program allowing registrants to file supplemental financial information using eXtensible Business Reporting Language. The program would begin with the 2004 calendar year-end reporting season. In addition to domestic issuers, the voluntary program is available to foreign private issuers that otherwise file financial information prepared in accordance with US GAAP. The Commission also issued a concept release on the benefits and implications of tagging data for filers, investors, the Commission, and other market participants, and on the suitability of the XBRL format. Click for: SEC Release. Download the Proposed Rule from the SEC website (PDF 626k) Download the Concept Release from the SEC website (PDF 191k) April 2005: Speech by SEC Staff on SEC and XBRL Click to download the Speech by SEC Staff (PDF 58k) "Remarks Before the 11th XBRL International Conference" by Peter Derby, Managing Executive for Operations and Management, Office of the Chairman, US Securities and Exchange Commission, and the XI XBRL International Conference, Boston, Massachusetts, USA, 26 April 2005. February 2005: SEC adopts a Programme for Voluntary XBRL Filings The US Securities and Exchange Commission has established a voluntary programme for XBRL filings. Beginning with the 2004 calendar year-end reporting season, registrants may voluntarily furnish XBRL data in an exhibit to specified EDGAR filings under the Securities Exchange Act of 1934 and the Investment Company Act of 1940. Click for: SEC Press Release (PDF 29k). SEC XBRL Rules (PDF 688k). May 2005: PCAOB Guidance on Audits of XBRL Data The US Public Company Accounting Oversight Board (PCAOB) has published staff question and answer guidance for auditors engaged to report on whether XBRL data furnished under the SEC's XBRL Voluntary Financial Reporting Program accurately reflects the corresponding information in the official SEC filings. Click for PCAOB XBRL Attestation Q&A (PDF 60k). August 2005: SEC Extends XBRL Test to Filings by Mutual Funds The US SEC has expanded its voluntary program of filings using XBRL to include investment companies (mutual funds). Under the SEC's New Rule (PDF 31k), mutual funds will be able to file XBRL exhibits to their annual report to shareholders and quarterly statement of portfolio holdings the US GAAP Investment Management classification system. Classification systems for commercial and industrial companies, banking and savings institutions, and insurance companies are already available under the voluntary SEC program. March 2006: SEC Announces 17 XBRL Test Companies The United States Securities and Exchange Commission has announced that 17 companies have agreed to participate in a pilot program to use interactive data in XBRL Format in their financial statement filings. The companies will help the agency explore how new Internet based reporting technologies can improve the financial reporting process for investors, financial intermediaries, the SEC, and the companies themselves. Four of the companies are non-US registrants. The 17 members of the 2006 test group are: 3M Company Altria Group, Inc. Brazilian Petroleum Corporation Bristol-Myers Squibb Company The Dow Chemical Company Gol Intelligent Airlines, Inc. Infosys Technologies Limited Microsoft Corporation Mobile Reach International, Inc. Net Servicos De Comunicacao SA Old Mutual Capital, Inc. Pfizer, Inc. R.R. Donnelley & Sons Company South Financial Group, Inc. United Technologies Corporation Xerox Corporation XM Satellite Radio Holdings, Inc. Click for SEC Announcement (PDF 23k). July 2007: IASCF seeks members for two XBRL committees The Trustees of the IASC Foundation have invited applications for membership of two committees relating to the Foundation's work on XBRL – an XBRL Advisory Council (XAC) and an XBRL Quality Review Team (XQRT): The XAC will provide strategic advice to the Trustees and the Foundation's London-based XBRL team on the future development and adoption of the XBRL Taxonomy for International Financial Reporting Standards (IFRSs). It will comprise ten members who should broadly reflect the diverse areas and professional interests affected by XBRL adoption and the implementation of IFRS taxonomies. The XQRT will review the developed taxonomies and offer strategic advice and practical recommendations on the quality of the IFRS taxonomy. XBRL (Extensible Business Reporting Language) is an XML-based language that is developed specifically for the automation of business information requirements, such as the preparation, sharing, and analysis of financial reports, statements, and audit schedules. The IASC Foundation has developed a high quality XBRL 'taxonomy' for IFRSs (in effect, a dictionary of data tags that explains what each tagged element is and how it should be treated under IFRSs) that will be maintained in line with the annual Bound Volume of IFRSs. Click for Press Release (PDF 24k). August 2007: IASCF update on XBRL-enablement of IFRSs The IASC Foundation has published an electronic newsletter with an update on developments in the XBRL-enablement of IFRSs. Click to Download the XBRL Update (PDF 105k). The newsletter includes hyperlinks to various XBRL resources. Discussion at the October 2007 IASB Meeting The Board participated in a session on the eXtensible Business Reporting Language (XBRL) project led by staff of the XBRL team of the IASC Foundation. The session was designed to refresh Board members' knowledge of the XBRL project and to bring them up to date on developments within the IFRS-related aspects of the project. In particular, the IASCF staff noted that its XBRL project team has expanded and now includes technical, accounting, and translation specialists. The XBRL team has put in place procedures that should enable it to ensure that revised IFRS XBRL taxonomies are released at the same time as the annual Bound Volume. Although the session was informational, several Board members expressed the hope that there could be even more cooperation between the XBRL project team and the IASB staff such that potential problems or inconsistencies in IASB standards could be identified through the XBRL tagging/taxonomy process, before the standard is issued. November 2007: Appointment of XBRL Advisory council and XBRL Quality Review Team On 22 Novemeber 2007, the IASCF appointed an XBRL Advisory Council and an XBRL Quality Review Team: The XBRL Advisory Council will provide strategic advice to the Trustees and the Foundation's XBRL team on the future development and adoption of the XBRL Taxonomy for International Financial Reporting Standards (IFRSs). The XBRL Quality Review Team will help to assure the quality of XBRL taxonomy by reviewing taxonomies developed by the IASC Foundation. Click here for IASCF Press Release with More Information (PDF 17k) December 2007: Heads Up on US GAAP XBRL taxonomy On 5 December 2007, the US Securities and Exchange Commission released the XBRL US GAAP taxonomy for public comment. The taxonomy is a collection of computer 'tags' that can be applied to financial data included in SEC filings to make the data interactive and more useful to investors. The public comment period concludes 4 April 2008. Some time in 2008, the SEC is likely to propose a rule that would require certain registrants to incorporate interactive data into future SEC filings. We have posted the 10 December 2007 edition of the Heads Up Newsletter (PDF 111k) from Deloitte & Touche LLP (United States), which describes the US GAAP XBRL taxonomy. March 2008: IASC Foundation XBRL Update The XBRL team of the IASC Foundation has published the March 2008 IASCF XBRL Update (PDF 135k). The newsletter provides an update on the XBRL-enablement of IFRSs around the world. This issue has news about IFRS-XBRL internationally and from a number of jurisdictions, including Belgium, Europe, India, Ireland, Israel, Japan, Singapore, and United States. There is also information about the IFRS XBRL taxonomy and upcoming events. March 2008: IFRS 2008 XBRL taxonomy is published The International Accounting Standards Committee Foundation's XBRL Team has released the near final version of the IFRS XBRL Taxonomy 2008. The Taxonomy 2008 is a complete translation of IFRSs as published in the IFRS Bound Volume 2008 into XBRL, a computer language that is used to communicate information between businesses. The near final version of the IFRS Taxonomy 2008 may be downloaded without charge from the IFRS XBRL Website on www.iasb.org/xbrl/taxo.asp. The IASCF expects to release the final version at the end of June 2008. Click for Press Release (PDF 44k). May 2008: All SEC registrants (US GAAP or IFRSs) would file XBRL data The US Securities and Exchange Commission has proposed to require all public companies in the United States to file their data with the SEC in XBRL format. XBRL reporting would be required for registrants using either US GAAP or IFRSs as published by the IASB. The transition would take three years: Companies with worldwide public float over $5 billion (approximately the 500 largest SEC registrants) using US GAAP would be required to make financial disclosures using XBRL for fiscal periods ending in late 2008. That data would become available in early 2009. The remaining companies using US GAAP would provide XBRL data over the following two years (mid-cap accelerated filers in in 2009 and small-cap in 2010). Companies using IFRSs would provide the disclosure for fiscal periods ending in late 2010. The XBRL disclosure would be provided as additional exhibits to annual and quarterly reports and registration statements. Companies also would be required to post this information on their websites. Click for: SEC Press Release (PDF 49k) SEC Proposal (Release No. 33-8924) (PDF 704k) May 2008: SEC proposes to require XBRL data for 8,000 mutual funds The US Securities and Exchange Commission has voted unanimously to propose that more than 8,000 mutual funds trading in the United States be required to label data in their public filings using XBRL computer tags. This would let "investors get access to key information about fees, performance, and strategies through interactive data, which would permit comparison shopping among thousands of funds with all the ease of conducting an Internet search". Some mutual funds already have been filing interactive data on a voluntary basis. The SEC's rule proposal would require all mutual funds to provide data-tagged information beginning with registration statement filings that become effective after 31 December 2009. A mutual fund also would be required to post the interactive data on its website, if it maintains one. Click for SEC Press Release (PDF 45k). Earlier this month, the SEC proposed to require all registered companies to file XBRL data (see our News Story of 16 May 2008. June 2008: Why you need to know about XBRL – New publication from Deloitte The questions are below. Download Deloitte's new booklet Why You Need to Know About XBRL (PDF 153k) for answers. The booklet is written from the point of view of a US SEC registrant, but most of the answers are relevant in a global context as well. Why you need to know about XBRL What is XBRL or 'interactive data'? How does XBRL make data interactive? What if a registrant reports a financial statement line item that is unique to it (i.e., other companies would not use this line item)? Will the registrant be forced to use one of the predefined tags? What are the principal elements of the SEC proposed rules? What is the phase-in schedule? What filings and other financial information are subject to the proposed rules? At what level of detail must the footnotes be tagged in the first year and subsequent years? Under the proposed rules, when must the interactive data (XBRL-based information) be submitted to the SEC? Will XBRL replace the EDGAR (Electronic Data Gathering, Analysis, and Retrieval) system? Will current filing formats in the EDGAR system be replaced by XBRL (i.e., will registrants be required to file XBRL documents rather than conventional financial statements, or will they be required to file both)? What steps can a registrant take now to prepare for the SEC's XBRL mandate? What implementation options are available to a registrant for preparing XBRL-based financial statements? Will XBRL documents submitted to the SEC be subject to an audit requirement? What might assurance on XBRL-formatted financial statements include? Do the current proposed rules apply to mutual funds? Where can I find more information about XBRL? How can Deloitte help companies prepare for and make the most of XBRL? August 2008: Deloitte letter to SEC on interactive data proposal On 14 May 2008, the US Securities and Exchange Commission proposed that all registrants be required to file their data with the SEC in XBRL (interactive data) format. XBRL reporting would be required for registrants using either US GAAP or IFRSs. The transition would take three years starting in 2008. There's more information in our News Story of 16 May 2008. A few days later, the Commission proposed that more than 8,000 mutual funds trading in the US would also be required to file XBRL date (see our News Story of 26 May 2008). Deloitte & Touche LLP (United States) has submitted a comment letter on the SEC's first proposal. Overall, we support the Commission's interactive data initiative. Our letter makes a number of suggestions that, we believe, will ensure successful implementation of the proposed rule. Click for Deloitte Comment Letter on SEC Proposal (PDF 155k) Click for 14 May 2008 Proposal (Release No. 33-8924) (PDF 704k) Click for SEC Press Release on May 2008 Proposal (PDF 49k) Among the points made in our letter: Updated preparer guidance. The Commission should update the EDGAR Filer Manual to provide additional guidance on tagging information in the footnotes and financial statements, and this update should be exposed for public comment sufficiently in advance of the proposed adoption dates. Maintenance, support, and updating of taxonomies. The Commission should expose for comment its plan for ensuring that the XBRL taxonomies remain current as well as its planned mechanism for communicating such updates to preparers and interactive data users. Validation software considerations. The Commission plans 'to use validation software to check interactive data for compliance with many of the applicable technical requirements'. The Commission should release its validation criteria for public comment sufficiently in advance of the first phase-in dates under the rule to enable preparers and users to understand the extent of the procedures performed by the software and the expectations of the Commission. Monitoring during the phase-in period. The Commission should specify (1) the criteria that it will use during the early phase-in periods to assess the success of the implementation and (2) how it will determine whether additional adjustments will be necessary for the later phase-in periods. Assurance issues during the phase-in period. The PCAOB and the Commission should work with the auditing profession to revise the standard report of the independent registered public accountant to explicitly refer to the financial statements filed in Item 8 of the registrant's Form 10-K and perhaps to include a statement that assurance has not been provided on the interactive data. The Commission also should develop specific guidance on how the auditor should report if a registrant voluntarily elects to obtain assurance on its interactive data. Clarifying the extent of auditor liability. Our letter offers a number of suggestions for clarifying auditor liability with respect to interactive data. Early adoption of the proposal. The Commission should clarify how a registrant in one of the later phase-in groups could early-adopt the proposal. Interactive data and financial statement requirements. The proposed rule currently would apply only to registration statements, annual reports on Forms 10-K or 20-F, quarterly reports on Form 10-Q, and transition reports. The Commission should clarify whether a registrant should file interactive data for Forms 8-K that update financial statements. Need for assurance after the phase-in period. Throughout the phase-in period, the Commission should seek feedback from financial statement users regarding (1) whether their primary source of information for investing decisions is financial statements filed in the traditional format or as interactive data and (2) whether they believe assurance is needed for the interactive data. Coordination with IFRS initiatives. The Commission has issued a concept release on allowing U.S. issuers to prepare financial statements in accordance with International Financial Reporting Standards. The Commission should ensure that any rulemaking associated with that concept release remains aligned with its XBRL rulemaking efforts. August 2008: SEC unveils 'IDEA' replacement of EDGAR system On 21 August 2008, the US Securities and Exchange Commission Chairman Christopher Cox has unveiled the successor to the agency's 1980s-era EDGAR database, which will give investors far faster and easier access to key financial information about public companies and mutual funds. Based on a completely new architecture being built from the ground up, it will at first supplement and then eventually replace the EDGAR system. The decision to replace EDGAR marks the SEC's transition from collecting forms and documents to making the information itself freely available to investors to give them better and more up-to-date financial disclosure in a form they can readily use. The new system is called IDEA, short for Interactive Data Electronic Applications. IDEA will enable investors will be able to instantly collate information from thousands of companies and forms, and create reports and analysis on the fly, in any way they choose. On 14 May 2008, the US Securities and Exchange Commission proposed that all registrants be required to file their data with the SEC in XBRL (interactive data) format. XBRL reporting would be required for registrants using either US GAAP or IFRSs. The transition would take three years starting in 2008. There's more information in our News Story of 16 May 2008. A few days later, the Commission proposed that more than 8,000 mutual funds trading in the US would also be required to file XBRL date (see our News Story of 26 May 2008). The SEC's On-Line News Release includes links to a video demonstration of IDEA. August 2008: IASC Foundation publishes new IFRS taxonomy guide On 28 August 2008, the International Accounting Standards Committee (IASC) Foundation published IFRS Taxonomy Guide 1.00 – All you need to know about the IFRS Taxonomy as a preparer, supervisor, software developer. It can be downloaded from the IASCF Website. December 2008: SEC mandates XBRL for all registrants and mutual funds On 17 December 2008, the Securities and Exchange Commission voted to require public companies and mutual funds to use interactive data for financial information in XBRL format. The interactive data will be provided in a new exhibit containing their financial statements and any applicable financial statement schedules in interactive data format: Public Companies: Interactive data financial reporting will be required on a phased-in schedule beginning next year so that all US public companies will be filing XBRL data by December 2011. Companies will be able to adopt interactive data earlier than their required start date: The largest companies who file using US GAAP with a public float above $5 billion (approximately 500 companies): First quarterly report for fiscal periods ending on or after 15 June 2009 Remaining companies who file using US GAAP: Phased-in schedule over 2010 to 2011 Companies reporting in IFRS issued by the International Accounting Standards Board: Fiscal years ending on or after 15 June 2011 Mutual Funds: Interactive data financial reporting will be required starting in 2011. Click for SEC Press Release (PDF 37k). December 2008: Heads Up on new SEC XBRL requirements On 17 December 2008, the US Securities and Exchange Commission voted to issue two final rules that will require registrants (other than investment companies) and mutual funds to provide financial information and risk/return summary information, respectively, in an interactive data format in certain filings with the SEC. Such information will be made interactive through use of eXtensible Business Reporting Language (XBRL). The National Office Accounting Standards and Communications Group of Deloitte (United States) has published a Heads Up Explaining the New XBRL Requirements (PDF 114k). The table below summarises the phase-in of requirements for XBRL data. Phase-In Group Periods* Ending on or After Domestic and foreign registrants using US GAAP that have a worldwide public float of more than $5 billion 15 June 2009 All other domestic and foreign large accelerated filers using US GAAP 15 June 2010 All remaining registrants using US GAAP and foreign private issuers using IFRSs as issued by the IASB 15 June 2011 *Generally, an entity's first interactive data submission will be included as an exhibit to a quarterly report on Form 10-Q, or an annual report on Form 20-F or Form 40-F, as applicable. January 2009: Comments invited on 2009 IFRS XBRL taxonomy The International Accounting Standards Committee Foundation Has invited comments, by 12 March 2009, on the near final version of the IFRS XBRL Taxonomy 2009. The Taxonomy is a translation of International Financial Reporting Standards as issued at 31 December 2008 into XBRL. XBRL allows companies, regulators, investors, analysts, and others using the IFRS Taxonomy 2009 to file, access, and compare IFRS financial data more easily. The near final version of the IFRS Taxonomy 2009 may be downloaded without charge from http://go.iasb.org/IFRS-Taxonomy-2009-review. The IASCF expects to release the final version in early April 2009, when it will also be freely available. Click for Press Release (PDF 44k). February 2009: Heads Up – interim period fair value disclosures A new issue of the Heads Up Newsletter (PDF 92k) from Deloitte (United States) discusses the SEC's recently published final rule that requires most registrants to provide XBRL-tagged financial reports and schedules (an 'interactive data file') as an exhibit to certain periodic filings, registration statements, and transition reports that contain financial statements. There is related information above in our stories of December 2008. April 2009: IASCF releases 2009 XBRL IFRS Taxonomy The IASC Foundation has issued the final IFRS Taxonomy 2009 and published for comment a draft of the Due Process Handbook for XBRL Activities. The taxonomy translates IFRSs as of 1 January 2009 into XBRL (eXtensible Business Reporting Language). XBRL allows companies, regulators, investors, analysts and others to benefit from easier filing, improved access to, and comparison of financial data. Both the 2009 taxonomy and the draft Due Process Handbook for XBRL Activities may be downloaded without charge from the IASB's Website at www.iasb.org/XBRL/XBRL.htm. Click for Press Release (PDF 28k). September 2009: Proposed XBRL taxonomy for IFRS for SMEs On 28 September 2009, the IASC Foundation invited comment on an exposure draft of the IFRS for SMEs XBRL Taxonomy. The Taxonomy is a complete translation of the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) into XBRL (eXtensible Business Reporting Language). The exposure draft of the IFRS for SMEs Taxonomy is accompanied by a comprehensive review package containing a sample XBRL filing and explanatory materials, as well as illustrative financial statements and a presentation and disclosure checklist. The exposure draft of the IFRS for SMEs Taxonomy is available online at IFRS for SMEs XBRL Taxonomy and is open for comment until 27 November 2009. The IASC Foundation aims to publish the final version of the IFRS for SMEs Taxonomy in December 2009. December 2009: Lessons from the initial XBRL submissions Deloitte United States has published a Heads Up Newsletter (PDF 125k) titled Lessons Learned From Reviewing the Initial Submissions of Interactive Data (XBRL) Files. The US SEC rules requiring submission of XBRL files became effective for the first quarterly filing for a period ended on or after 15 June 2009 for domestic and foreign registrants using US GAAP that have a worldwide public float of more than $5 billion. Since then, over 1,000 XBRL exhibits have been submitted to the SEC in the first phase-in group under the SEC rules. This Heads Up newsletter, which is based on analyses of the submissions both by Deloitte and by the SEC staff, identifies lessons learned from the initial XBRL submissions and makes recommendations that are intended to help registrants avoid problems with their interactive data file submissions. Here is a summary of the recommendations – the newsletter has detailed guidance on each one: Mapping, Element Selection, and Extension Elements Avoid creating unnecessary extension elements. Use appropriate context references instead of creating extension elements. Provide a definition for all extension elements and debit/credit balance attribute information for monetary extension elements where required. Be consistent in the use of extension elements. Avoid selecting elements that are overly broad or overly narrow. Do not select deprecated elements when mapping. Be diligent about documenting selected elements and the reasons for their selection. Tagging Ensure all amounts are entered correctly (ie, as a positive or negative balance) and that decimal attributes are correctly set. Be aware that converting information in financial statement tables to an XBRL format introduces complexity and may require additional time and resources. Be sure to tag parenthetical amounts shown on the face of the financial statements. Other Recommendations Obtain sufficient knowledge about EDGAR Filer Manual requirements. Establish a sustainable and repeatable process for creating interactive data files concurrently with preparation of the traditional financial statements. Do not overemphasize trying to conform the rendering of the interactive data exhibit to the presentation of the traditional financial statements. Perform an EDGAR test filing before transmitting the live submission. Be sure to post a complete interactive data file on the corporate Web site in the required time frame. Use the 'Amendment Flag' element correctly. December 2009: Plans for improving IFRS XBRL in 2010 The International Accounting Standards Committee Foundation has published The IFRS Taxonomy 2010 Architecture Draft for public comment. It also published a project summary and feedback statement on Architectural Improvements to the IFRS Taxonomy. The feedback statement summarises the architectural improvements that will be implemented in the next release of the IFRS Taxonomy in 2010 as a result of consultations in July 2009. Both documents may be found Here on the IASB's website. February 2010: Comments invited on proposed 2010 IFRS XBRL taxonomy The IASC Foundation invited comment on the proposed IFRS XBRL taxonomy for 2010. The proposed taxonomy is consistent with both full IFRSs and the IFRS for Small and Medium-sized Entities. A separate taxonomy for the IFRS for SMEs will not be issued. The IFRS Taxonomy 2010 is a translation of IFRSs as issued at 1 January 2010 into XBRL (eXtensible Business Reporting Language). Comments on the proposed IFRS Taxonomy 2010 are invited by 22 April 2010. The proposed taxonomy and related material can be accessed Here. The final version is expected to be released at the end of April 2010.